The Study On The Incentive Mechanism Of Top Administrator Of State-run Listed Company Of Our Country

Through the reform of more than 20 years, the number of listed company of our country increases year by year from scratch, but our country has never formed the effective top management team's incentive mechanism of listed company. The study on incentive mechanism has been the focus of studying of economics and management all the time. it is fewer but involved research that the top management team of state-run listed company encourages. Mainly from trust-act for theory is it study the problem of the company's operator encourage to economics, the standard trust-act theory based on the hypothesis of the maximization of the owner's income and assume, through the analysis of the maximization behavior of the agent and client, points out that the riskily income must be included in the operator's remuneration in order to make the owner's interests maximize. The incentive theory of based on behavior science management through an analysis of general human nature, points out that it should design the incentive mechanism that enable the company's administrator reach the psychology meets to put forward. In practice, the state-run listed company of our country has carried on much practical exploration too, having designed a lot of kinds of encouragement ways, which can be divided into three kinds mainly, namely: The income encourages, the stock right encourages and the spirit encourages. In the incentive mode of the income encourages, the number of adopting the fixed income way is reduce progressively because the result of it is more badly to make, but the yearly salary system gets more application. In the incentive mode of the stock right, because the stock right encourages being can be realized encouraging for a long time to a certain extent, and a kind of new-type encouragement way, therefore the ways in the stock right encourages are many, for instance such many ways as management buy-out, executive stock option, value added right of the stock, deferring payment and achievement stock, etc., and explore the questions existing in the way of encouraging of spirit in our country at the same time. Through the comparison of the Chinese and foreign top management team's incentive mechanisms of listed company, we find Great Britain and America's mode represented by U.S.A. and Japan's and Germany mode represented by Japan are different from incentive mode of what our country have now. On the basis of the theoretical analyses and incentive manner comparing and incentive mode comparing between China's and foreign countries', I have proposed perfecting top management team's incentive mechanism of listed company of our country in the last chapter of this text, and provide the questions that the principle of perfecting top management team's incentive mechanism of state-run listed company and the implementation course should be paid attention to.